Exports Lift GDP

GDP expanded at a 3.3% annualized rate in the second quarter, up from earlier estimates of 1.9%, according to the most recent data from the Bureau of Economic Analysis. GDP grew 0.9% in the first quarter. Stronger exports and weaker imports resulted in a nearly $100 billion shrinkage in the foreign trade deficit and accounted for 3% of the gain in GDP during the second quarter, analysts say. Consumer spending, the largest GDP category, grew 1.7%, while inventories continued to shrink. Corporate earnings fell 2.4% in the second quarter, after a 1.1% decline in the...

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